From: Out-Law.com
John Salmon’s Financial Services blog
The Pinsent Masons financial services sector team bring you insight and analysis on what really matters in the world of financial services.
Financial services firms have privately expressed worry that cyber security professionals are losing the war against cybercriminals, and have agreed that dealing effectively with threats is more important than trying to build systems that fruitlessly hope to eliminate them.
I spent some of this week chairing the Financial Services Cyber Security Summit, whose Chatham House rules allowed executives to speak freely about their fears and their strategies for tackling the danger.
The frank admission that cyber security professionals are not winning the war against cyber criminals resonated with all attendees. Disturbingly, one speaker suggested that we may even be experiencing a level of de-sensitisation to cybercrime. He said that those in industry he talked to estimated that while share prices do take a hit following a significant data loss or security breach, they then tend to recover within 24 weeks and some people regarded that as acceptable.
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